07.12.2010 0

The Daily Wrap-Up: July 12

Want the Daily Wrap-Up sent to your inbox? Click here.

The Daily Wrap-Up according to Adam Bitely:

Good Monday Evening –

Scott Brown will support Financial Takeover bill – In a major disappointment, Scott Brown announced he will be supporting the Dodd-Frank bill. His statement said, “I’ve spent the past week reviewing the Wall Street reform bill. I appreciate the efforts to improve the bill, especially the removal of the $19 billion bank tax. As a result, it is a better bill than it was when this whole process started. While it isn’t perfect, I expect to support the bill when it comes up for a vote. It includes safeguards to help prevent another financial meltdown, ensures that consumers are protected, and it is paid for without new taxes.” We’re not sure if he has read the bill yet.

Racial and gender preferences hidden away in Dodd-Frank Financial Takeover bill – Government agencies and private contractors must incorporate racial and gender preferences into their employment practices under Section 342 of the financial regulation bill, which passed the House on June 30. This key provision calls for the creation of at least 20 new Offices of Minority and Women inclusion.

Interior Department issues new offshore drilling ban – The Interior Department has issued a new offshore drilling ban. This time, the ban is based on the type of drilling rather than the depth at which the drilling has been done. The government will creatively seek any way possible to enforce its agenda, even navigating around court cases which have instructed the Obama administration to behave otherwise.

A Bitter Cup of Coffee: A look at Union Pension Bailouts – Somewhere, Ernest Lawrence Thayer is turning over in his grave. With apologies to the late poet, that’s because United States Senator Bob Casey has gone to bat for labor unions. Now, in and of itself, the Pennsylvania Democrat’s recently introduced legislation, the “Create Jobs & Save Benefits Act,” is a well intentioned measure. After all, with Congressional midterm elections coming up, what politician wouldn’t want to save benefits and create jobs for people?

The China Problem – One item that stands out in last week’s World Economic Outlook produced by the International Monetary Fund (IMF), besides the U.S. Gross Domestic Product (GDP) likely grow far slower than projected by the bama Administration, is the seemingly remarkable pace that emerging and developing economies are growing.

Distorting the market never bodes well – The government must have a short-term memory. In the late 1970s America was in the midst of an oil crisis. It wasn’t out of the question for cars to be lined up at service stations for hours waiting to fill up their tanks. In response to this crisis, President Jimmy Carter pushed the government to spend billions of dollars on alternative fuel means like oil shale. As big oil companies began moving out to the northwest in states like Colorado to pursue creating alternative fuel, the market grew. New towns and houses started building up at rapid rates as the job market increased.

To be or not to be, that is McConnell’s question – The nomination of Elena Kagan for the US Supreme Court took a political turn this week that could doom her hopes to reach the nation’s highest bench, and no one noticed.  The National Rifle Association announced that they will count a vote for Kagan as a vote against gun owner rights.

Do you have something that should be included in the Daily Wrap-Up? Please send it to Adam@netrightdaily.com.

Copyright © 2008-2020 Americans for Limited Government